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XAU/USD: dollar demand prevails over gold demand – Analytics & Forecasts – 19 August 2022


Aug 23, 2022
XAU/USD: dollar demand prevails over gold demand


As we noted in our today’s Fundamental Analysis, it does not generate investment income, but is in active demand in situations of geopolitical and economic uncertainty, as well as a protective asset in the face of rising inflation. However, it seems that it is losing its role as a defensive asset to the dollar.

Today XAU/USD has been declining for the 5th day in a row. At the time of writing this article, it is trading near 1753.00, in close proximity to the strong support at 1748.00. Given the long-term uptrend of XAU/USD, it is logical to assume a rebound near this support level.

In case of its breakdown, the key support level 1690.00 becomes the target, the breakdown of which will cause XAU/USD to enter the zone of a long-term bear market (for more details, see “XAU/USD: technical analysis and trading recommendations for 08/19/2022“).

Support levels: 1748.00, 1700.00, 1690.00, 1682.00, 1670.00

Resistance levels: 1772.00, 1773.00, 1780.00, 1800.00, 1822.00, 1832.00, 1875.00

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Image and article originally from www.mql5.com. Read the original article here.